ABSTRACT

Congressional Budget Office Cost Estimate: S. 2244: Terrorism Risk Insurance Program Reauthorization Act of 2014   [open pdf - 176KB]

"S. 2244 would extend the Terrorism Risk Insurance Act (TRIA) for seven years--through calendar year 2021. The bill also would increase the share of insured losses paid by private insurers under the program and require the Government Accountability Office (GAO) to prepare a report for the Congress that assesses the effects of collecting premiums on insurers that participate in the program. The program requires insurance firms that sell commercial property and casualty insurance to offer clients insurance coverage for damages caused by terrorist attacks by foreign or domestic interests. Under TRIA, the federal government would help insurers cover losses in the event of a terrorist attack under certain conditions, and would impose assessments on the insurance industry to recover all or a portion of the federal payments. The program is set to expire at the end of calendar year 2014; no federal payments have been made under the program since its inception in 2002."

Publisher:
Date:
2014-06-24
Series:
Copyright:
Public Domain
Retrieved From:
U.S. Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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